Hedge Fund Focus

Public Employees Retirement Association of New Mexico

• Website: http://www.pera.state.nm.us/
• Location: 33 Plaza La Prensa, Santa Fe, NM 87507
• Phone: +1 505.476.9300
• Regulations:
• Other:

Description From Website:

Overview and Purpose

The New Mexico Public Employees Retirement Board (“Board”) is the Trustees of the Public Employees Retirement Association (“PERA”) and the funds created by state statute.1 As Trustees, Board Members are fiduciaries to the various PERA funds and must prudently administer these retirement systems for the sole and exclusive benefit of PERA members, retirees and beneficiaries.2 Additionally, when performing certain functions, the Executive Director also has a fiduciary duty to prudently administer these retirement systems for the sole and exclusive benefit of PERA members, retirees and beneficiaries. In order to maintain the respect, trust and confidence of its members and retirees, all Board Members and the Executive Director must use the powers and resources of their office only to advance the interests of PERA members, retirees and beneficiaries and not to obtain personal benefits or pursue private advantage incompatible with these interests. Board Members and the Executive Director shall conduct themselves in a manner that justifies the confidence placed in them by PERA members and retirees, at all times maintaining their integrity and discharging their responsibilities ethically in the course of their association with the PERA.

The purpose of these policies are to provide general guidelines and standards of conduct for Board Members and the Executive Director of the New Mexico Public Employees Retirement Association; and to implement the provisions of the Governmental Conduct Act,3 NMSA 1978, Sections 10-11-130.1 and 10-11-133(E) of the PERA Act and the Financial Disclosure Act.4.

Mission Statement

The mission of the Board of the Public Employees Retirement Association is to preserve, protect and administer the Trust to meet its current and future obligations and provide quality services to association members.

Value Statement

The Board will act with integrity in meeting its fiduciary responsibilities to the Trust. The Board will make efficient, effective, prudent and visionary decisions in fulfilling its mission. Board Members will be reliable, responsible, and will utilize opportunities to receive necessary training in order to be knowledgeable fiduciaries. The Board will engage in inclusive decision making processes, which support its expectation that the Board speaks with a unified voice.

Fiduciary Responsibilities

• Duty of Loyalty: Board Members and the Executive Director shall act solely for the benefit of the present and future participants and beneficiaries of the Fund and shall give their undivided loyalty to such participants and beneficiaries. Good faith does not excuse disloyalty.
• Duty to Deal Impartially: Board Members and the Executive Director shall deal impartially with all association members and retirees.
• Duty to Preserve the Trust: Board Members and the Executive Director shall preserve the trust assets through implementation of the Board Investment Policy and monitoring fund performance.
• Duty to Be Educated: The complexities of sound management of the assets and liabilities of the Trust Fund impose a continuing responsibility for all Board Members and the Executive Director to attend educational conferences, seminars, and other events that are required to conduct the business of PERA, or that will better prepare them to perform their fiduciary duties.
• Duty as Co-Trustee
  • Board Members and the Executive Director have a duty to participate in the administration of the trust.
  • Board Members and the Executive Director have a duty to use reasonable care to prevent co-trustees from committing a breach.
  • Board Members and the Executive Director have a duty to compel performance or redress a breach.

Governance Principles

The Board shall establish and communicate Board policies and priorities and then monitor performance. The Board recognizes that the achievement of its goals requires self-discipline by the Board as a whole and by individual Board members to abide by the policies articulated herein and to govern in a manner consistent with the Board’s value statement. The Board is responsible for creating and maintaining an atmosphere that encourages frank and collegial discussions both at the Board and Committee levels and between the Board and PERA management.

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